Article 33 - Financial year of a Limited Liability Partnership

(1) The first financial year of a Limited Liability Partnership starts from the day on which it is incorporated and lasts for the period ending on the financial year end date specified in the Incorporation Document falling not less than six months and not more than 18 months after the incorporation of the Limited Liability Partnership.
(2) The second and any subsequent financial year shall start with the day immediately following the end of the Limited Liability Partnership's previous financial year and shall end on the financial year end date in the next calendar year.
(3) A Limited Liability Partnership may by notice in the Prescribed Form given to the CRO specify a new financial year end date having effect in relation to:
(A) the Limited Liability Partnership's current financial year and subsequent financial years; or
(B) the Limited Liability Partnership's previous financial year and all financial years subsequent to that previous financial year
where a Limited Liability Partnership's "previous financial year" means that year immediately preceding its current financial year.
(4) The notice shall state whether the current or previous financial year:
(A) is to be shortened, so as to come to an end on the first occasion on which the new financial year end date falls or fell after the beginning of the financial year; or
(B) is to be extended, so as to come to an end on the second occasion on which that date falls or fell after the beginning of the financial year.
(5) A notice under Article 33(3), stating that the current or previous financial year is to be extended is ineffective, if given less than five years after the end of an earlier financial year of the Limited Liability Partnership which was extended by virtue of this Article.
(6) A notice under Article 33(3) may not be given in respect of a previous financial year if the period allowed for laying and delivering accounts in relation to that year has already expired.
(7) A Limited Liability Partnership's financial year shall not, in any case, be extended so as to exceed eighteen months and a notice under Article 33 is ineffective if the current or previous financial year as extended in accordance with the notice would exceed that limit.